Director of Reference Rates

Federal Reserve System•Chicago, IL

1d•$208,000 - $400,000•Onsite

About The Position

The Domestic and International Markets (DIM) Function within the Markets Group executes transactions in the open market on behalf of the Federal Reserve System, the U.S. Treasury Department, and foreign official customers, and conducts detailed analysis of financial market developments in support of the Federal Reserve’s monetary policy and financial stability decision-making process. The Director of Reference Rates (RR) is a member of the DIM Senior Leadership team and provides leadership and management to the Reference Rates Directorate. The Reference Rates business line is composed of one staff unit, across two physical locations, and has a combination of policy-relevant operational and analytical responsibilities. On the operational side, Reference Rates is responsible for producing a number of globally important reference rates, including the Secured Overnight Funding Rate (SOFR) and the Effective Fed Funds Rate (EFFR). On the analytical side, RR is responsible for producing high quality, timely, and policy-relevant analysis of money market developments, working closely with the Money Markets Directorate, for the Federal Reserve System and U.S. Treasury Department. The Reference Rates Directorate also oversees the administration of the Reference Rate Use Committee (RRUC), an industry group sponsored by the New York Fed to support the integrity, efficiency, and resiliency in the use of U.S. dollar denominated reference rates across financial markets.

Requirements

Relevant work experience with a demonstrated interest in financial markets and central bank policy implementation.
Substantial knowledge of financial instruments, market structure, macroeconomic theory and monetary policy.
Excellent demonstrated leadership and decision-making skills with the ability to oversee highly visible, time sensitive and consequential financial market operations.
Strong business judgment, proactive leadership, and a strategic orientation to lead a high performing team.
Demonstrated agility and flexibility to guide the directorate through change management and unforeseen business challenges.
Foresight to anticipate and respond to rapidly evolving analytical needs and priorities.
Strong aptitude and experience in the sustainable and ongoing development of talent, with a track record leading wide-ranging teams to achieve high-quality and timely results across policy, operational, and analytical objectives.
Demonstrated ability to provide constructive and timely coaching and feedback on performance, strengths, and areas of development.
Demonstrated commitment to providing meaningful growth opportunities to team members.
Keen self-awareness and high emotional intelligence, including the ability to build trust in a variety of relationships through candor, reliability, and authenticity, and the capacity to embrace and draw from various perspectives in an inclusive way to improve the quality of outcomes.
Strong analytical, written and oral communication skills, including the ability to synthesize and transform complex issues and data into meaningful and actionable information for decision-makers, and the ability to lead others in this work.
Excellent organizational and planning skills.
Ability to credibly represent the Bank in market discussions with senior members of the investment community and the official sector.
U.S. citizen, lawful permanent resident, or protected individual status required for access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information.

Nice To Haves

Understanding of U.S. money markets is a plus.

Responsibilities

Provide strategic leadership of and manage reference rate production and analysis of key money market developments.
Direct a high-performing team of managers, specialists, and analysts engaged in reference rate production in support of the Federal Reserve Bank of New York’s responsibility as an administrator and producer.
Provide strong leadership which cultivates a professional workplace environment that promotes inclusiveness, fosters collaboration, and supports open and transparent communication with an emphasis on talent management to attract, develop, and retain top talent.
Direct the alignment of resources with the long-term Markets Group strategic plan and work with the DIM senior leadership team to develop and execute DIM’s strategy.
Align the RR strategic plan with DIM’s long run goals and oversee its implementation.
Oversee the range of operations that take place within the Directorate related to reference rates production.
Promote strong risk management practices and ensure robust control environment and culture.
Collaborate with first, second, and third line partners to ensure the readiness, resiliency and effectiveness of operational tools for the range of reference rate production conducted within the Directorate.
Lead the team’s experts in delivering high-quality, policy-relevant analysis of developments in money markets in support of the Bank’s contributions to the Federal Reserve System’s monetary policy and financial stability objectives.
Provide thought leadership in setting a forward looking analytical and operational agenda to meet current and future policy needs.
Work with senior stakeholders to adjust strategic priorities in response to shifts in the operating environment or policy landscape.
Engage with senior leaders across the Bank, Federal Reserve System and U.S. Treasury to ensure operational output and analytical products and briefings are aligned with stakeholders’ priorities.
Represent the Bank externally in interactions with private sector counterparties and the RRUC to further develop the Bank’s understanding of key issues related to the integrity and resiliency of reference rates, including how the use of reference rates is evolving and how the markets underpinning them may be changing as well.
Represent the Bank in international meetings and maintain relationships with senior representatives from other central banks on relevant policy issues pertaining to reference rates production.